Blockchain at the center of Korean island's $5 billion development plan

Won Hee-ryong, the governor of Korea's Jeju island, has announced a $5 billion government investment plan focused on developing blockchain and IoT technologies.

Major Korean province initiatives five-year technology development plan.

Korea's island province of Jeju has embarked on a massive, five-year journey to utilize emerging technologies in the public sector.

Won Hee-ryong, the governor of Jeju, announced earlier today the province's plan to spend more than $5 billion dollars on the development of blockchain, IoT, and big data technologies.

According to a report from BlockMedia, a Korean blockchain news outlet, the program will be called the "Digital & Green New Deal," and is set to bring around 44,000 jobs to the southern region.

Through the deal, Jeju's government plans on digitizing the island's government.

The biggest move from the government will certainly be turning Jeju island into a special blockchain zone that would nurture and support companies working on the emerging new technology.

Jeju Island is setting the foundation for a digital future.

The system, according to BlockMedia, will minimize the amount of personal information the government collects from its citizens by utilizing a blockchain decentralized identity authentication system.

Back in August, the government of Jeju signed a memorandum of understanding with a Iconloop, a local blockchain company, to develop a tracking app that could be used both for tourism and safety tracking in the region.